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  • #22,141
  • Sep 19, 2023 9:20am Sep 19, 2023 9:20am
<Inserts coded message about MFF and CFTC> the war has started.
  • #22,142
  • Edited 10:09am Sep 19, 2023 9:32am | Edited 10:09am
http://www.myforexfunds.com/

https://www.msbnj.com/our-team/anthony-sodono-III

TEMPORARY RECEIVERSHIP

Anthony Sodono, III, Esq., was appointed as temporary receiver (“Temporary Receiver”) in a civil action captioned Commodity Futures Trading Commission v. Traders Global Group Inc., et al., Case No. 3:23-cv-11808 ZNQ-TJB, pending in the United States District Court for the District of New Jersey, Trenton vicinage (“District Court”). We designed this website to provide convenient access to information about the Receivership and contact information for the Temporary Receiver. As our work progresses, we will update relevant information to this website.

As a brief summary, the Commodity Futures Trading Commission (“CFTC”) filed a civil enforcement action in Federal District Court against the following Defendants: Traders Global Group Inc., a New Jersey corporation d/b/a My Forex Funds; Traders Global Group Inc., a Canadian business (collectively, “Traders Global”); and Murtuza Kazmi (collectively, the “Defendants”). The CFTC has alleged, among other things, that: (a) the Defendants entered into leveraged foreign exchange and commodity transactions with retail customers, and those transactions qualify as “retail forex transactions” and “retail commodity transactions”; (b) Traders Global has never been registered with the CFTC as a Registered Foreign Exchange Dealer and has never entered into any retail commodity transactions on an exchange registered with the CFTC; further, Traders Global has entered into, executed, and transacted in retail commodities not on any exchange registered with the CFTC; and (c) Defendants have made, with scienter, material misrepresentations and misstatements to customers and omitted material facts regarding Traders Global’s role as a counterparty to customers’ trades, the source and basis of any customer profits, and deceptive devices designed to reduce the likelihood and amount of profitable trading by a customer.

When necessary, the CFTC has sought the appointment of a receiver to assist in marshalling assets and to take control of the businesses and assets of defendants by, in part, freezing a defendant’s assets and for the inspection of defendant’s financial records. The District Court entered an Order on August 29, 2023, appointing the Temporary Receiver, with the full powers of an equity receiver for Defendants and all of the affiliates and subsidiaries owned or controlled by Defendants (collectively, the “Receivership Defendants”), so that the Temporary Receiver may preserve assets, investigate and determine customer claims, determine unlawful proceeds retained by the Receivership Defendants and amounts due to customers as a result of the Defendants’ alleged violations, and distribute remaining funds under the District Court’s supervision. The District Court also found good cause to require an accounting by Defendants to the Temporary Receiver to determine the location and disposition of customer funds and to order repatriation of assets controlled by Defendants so those assets could be controlled by the Temporary Receiver and to assure payment of restitution and disgorgement as authorized by the District Court.

The Temporary Receiver intends to fulfill his duties and responsibilities in an expedient and efficient manner. The District Court overseeing this Receivership has broad powers and wide discretion to determine the appropriate relief. If you require further information not contained in this website, you may contact us at [email protected].
  • #22,143
  • Sep 19, 2023 9:41am Sep 19, 2023 9:41am
Quoting pipmaster77
{quote} Update please....
dm.
  • #22,144
  • Sep 19, 2023 10:21am Sep 19, 2023 10:21am
Quoting Dirac
http://www.myforexfunds.com/ https://www.msbnj.com/our-team/anthony-sodono-III TEMPORARY RECEIVERSHIP Anthony Sodono, III, Esq., was appointed as temporary receiver (“Temporary Receiver”) in a civil action captioned Commodity Futures Trading Commission v. Traders Global Group Inc., et al., Case No. 3:23-cv-11808 ZNQ-TJB, pending in the United States District Court for the District of New Jersey, Trenton vicinage (“District Court”). We designed this website to provide convenient access to information about the Receivership and...
I have no clue what does it mean now ? What is to be expected ? I mean MFF should have enough money actually to pay for all (with penalty included) so why this ?
  • #22,145
  • Sep 19, 2023 10:29am Sep 19, 2023 10:29am
I dont think so as traders are not shareholder. Now MyFF is down.
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  • #22,146
  • Sep 19, 2023 10:36am Sep 19, 2023 10:36am
Quoting Dirac
http://www.myforexfunds.com/ https://www.msbnj.com/our-team/anthony-sodono-III TEMPORARY RECEIVERSHIP Anthony Sodono, III, Esq., was appointed as temporary receiver (“Temporary Receiver”) in a civil action captioned Commodity Futures Trading Commission v. Traders Global Group Inc., et al., Case No. 3:23-cv-11808 ZNQ-TJB, pending in the United States District Court for the District of New Jersey, Trenton vicinage (“District Court”). We designed this website to provide convenient access to information about the Receivership and...
Does this mean MFF can no longer operate any longer in the future and is now bankrupt that such a person is needed ? Really ?
If they shutdown MFF they can shutdown any prop firm in US and Canada right now. Then maybe later will see what EU and UK will do. They can do it different anyway.
If that is true then no Americans and Canadians can be accepted on any prop firm worldwide. Maybe futures props I do not know, but not sure. That looks suspicious.
  • #22,147
  • Edited 11:06am Sep 19, 2023 10:46am | Edited 11:06am
Quoting TrAndy1
{quote} Does this mean MFF can no longer operate any longer in the future and is now bankrupt that such a person is needed ? Really ? If they shutdown MFF they can shutdown any prop firm in US and Canada right now. Then maybe later will see what EU and UK will do. They can do it different anyway. If that is true then no Americans and Canadians can be accepted on any prop firm worldwide. May futures prop firm I do not know, but not sure. That looks suspicious.
In the action I read it was said that a receivership was going o be appointed by the court to preserve assets until the case is settled.

I know nothing about law but I guess this doesn't mean anything. It's just the normal course of the case, as stated there.
  • #22,148
  • Sep 19, 2023 10:46am Sep 19, 2023 10:46am
Quoting TrAndy1
{quote} I have no clue what does it mean now ? What is to be expected ? I mean MFF should have enough money actually to pay for all (with penalty included) so why this ?

Maybe some legal way to control MFF. That person will be in control of the company and operate in cooperation with the court.
  • #22,149
  • Sep 19, 2023 10:47am Sep 19, 2023 10:47am
Quoting sampat
I dont think so as traders are not shareholder. Now MyFF is down. {image}
Try with http instead of https i.e. http://www.myforexfunds.com and you will see the receivership message
Your worst drawdown is yet to come
  • #22,150
  • Sep 19, 2023 10:53am Sep 19, 2023 10:53am
Poor guys, they will now be flooded by messages of people asking payouts and reimbursements
  • #22,151
  • Sep 19, 2023 11:02am Sep 19, 2023 11:02am
Quoting TrAndy1
{quote} Does this mean MFF can no longer operate any longer in the future and is now bankrupt that such a person is needed ? Really ? If they shutdown MFF they can shutdown any prop firm in US and Canada right now. Then maybe later will see what EU and UK will do. They can do it different anyway. If that is true then no Americans and Canadians can be accepted on any prop firm worldwide. Maybe futures props I do not know, but not sure. That looks suspicious.
No it does not.

Its "Temporary" as the first word says.
  • #22,152
  • Sep 19, 2023 11:07am Sep 19, 2023 11:07am
Quoting lddd
{quote} I think i am going to buy the smallest FTMO challenge and try to find out myself. Since they don't seem to have the time limits anymore, I'm going to take it slow and simply risk very little per trade and then see what happens if i should pass. I'm assuming that even if you don't get accepted as a "FTMO Trader" you'll at least get your money back if you successfully complete the challenge.

Keep us updated on your progress. I'm trying their trial at this time.
  • #22,153
  • Edited 1:46pm Sep 19, 2023 11:08am | Edited 1:46pm
Quoting TrAndy1
{quote} Does this mean MFF can no longer operate any longer in the future and is now bankrupt that such a person is needed ? Really ? If they shutdown MFF they can shutdown any prop firm in US and Canada right now. Then maybe later will see what EU and UK will do. They can do it different anyway. If that is true then no Americans and Canadians can be accepted on any prop firm worldwide. Maybe futures props I do not know, but not sure. That looks suspicious.
The Elite does not want plain people to be able to earn big money in this game. Big money is ment to go to the rich people. This is why Europe set a loft at 1:30 on levels. They want to stop this whole industry and they will succeed at some point in the future.

But for now the prop firms can move their operations to countries that cannot be controlled by Europe, Australia or USA. I am sure, that MFF will do that.
MetaTrader 4 - so many advantages.
  • #22,154
  • Sep 19, 2023 11:17am Sep 19, 2023 11:17am
[quote=RiskFighter;14582461]{quote} The Elite does not want plain people to be able to earn big money in this game. Big money is ment to go to the rich people.

Exactly this. People can spin it however they wish, but the goal of NewWorldOrder is fully underway. Only the blind cannot see it.
  • #22,155
  • Sep 19, 2023 12:54pm Sep 19, 2023 12:54pm
Quoting acetrader
{quote} Keep us updated on your progress. I'm trying their trial at this time.
Will do.
  • #22,156
  • Sep 19, 2023 1:37pm Sep 19, 2023 1:37pm
Quoting TrAndy1
{quote} Does this mean MFF can no longer operate any longer in the future and is now bankrupt that such a person is needed ? Really ? If they shutdown MFF they can shutdown any prop firm in US and Canada right now. Then maybe later will see what EU and UK will do. They can do it different anyway. If that is true then no Americans and Canadians can be accepted on any prop firm worldwide. Maybe futures props I do not know, but not sure. That looks suspicious.

court took over the website and will be updating the customers the outcome of the case from there..

they have ask for the company book they can settle the customer who need to be settled...
MY OPINION NOT FINANCIAL ADVISE
  • #22,157
  • Sep 19, 2023 2:02pm Sep 19, 2023 2:02pm
Quoting Quickly
It does in that context. "May" is a peculiar word. It can mean the same as "might" (this is the meaning you are thinking of, when you say " 'may' doesn't mean 'will' "), or it can mean "has permission to" or "is allowed to" (this is the meaning intended there).
I looked it up and it still looks to me like "may" should not be confused with "will" here.

Google "may vs will"

Quote
The main difference between modal verbs 'may' and 'will' is that 'will' talks about the future and 'may' talks about possibilities.

So if it is a certainty that you will achieve FTMO Trader status after completing your challenge, I don't think you should use "may" here.

Anyhow.
  • #22,158
  • Edited 2:29pm Sep 19, 2023 2:19pm | Edited 2:29pm
hopefully there will still exist futures prop firms but I would prefer forex because tradingpit has a time limit for futures and you have to download specialized software, theres no online metatrader 5 which is annoying. According to this article though, it's not necessary for them to do too much but then again looking back on the whole mbtrading, dbfx, fxcm era I'm still pessimistic ; other futures firms have end of week and end of day closing of positions, closing of positions around FOMC and news events etc, this is not good for swing traders.
https://www.financemagnates.com/fore...-prop-trading/
  • #22,159
  • Sep 20, 2023 12:56am Sep 20, 2023 12:56am
Oh boy there are a lot of TFT not paying out complaints going on right now. And of course, subsequent banning from discord.
  • #22,160
  • Sep 20, 2023 1:28am Sep 20, 2023 1:28am
Dose any one has any list which mentioned which prop firm use which broker and which use own dara feed .

Planning to buy 2 new acc with 2 different firm. And want to avoid those who use own data feeds.
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